Solicitation Policy

Morgan Stanley MUFG Securities Co., Ltd. has set the following policy regarding solicitation for sales of our financial products.

1. Matters to be considered in light of knowledge, experience and asset status of the solicitation targets:

In soliciting our products to customers, we strive to give appropriate solicitation considering our understanding of customer's knowledge, experience, financial status and objective in entering into a financial/commodity product transaction.

2. Matters to be considered regarding solicitation manners and times:

In solicitation, ensuring the customers' trust is our first priority. While complying with relevant laws and regulations, we conduct our solicitation activities based on the customers' investment intentions.

We do not conduct solicitation activities through telephone calls or visits during hours that are inconvenient to our customers. If our solicitation activities are inconvenient to you in any way, please tell your sales representative.

3. Ensuring Appropriate Solicitation

We intend to provide appropriate information to our customers so that all transactions will be made based on our customers' own investment decisions.

We are providing training programs and improving our internal controls to ensure appropriate solicitation in compliance with the Financial Instruments and Exchange Law, Commodity Derivatives Act and other relevant laws.

When we underwrite stock, CB and Warrant, we intend to acknowledge customer's demand in order to formulate a fair market price reflecting the customer's demand through pre-hearing and book building and we have a policy to distribute these stocks, CBs and Warrants fairly and properly.

This Solicitation Policy is effective as of January 1, 2011.

Morgan Stanley MUFG Securities Co., Ltd.